Treasury delays tax evasion law by six months
Congress passed FATCA in 2010, after prosecutors charged the Swiss banking giant UBS with helping people in the U.S. evade taxes. UBS eventually gave the federal government information on clients, and paid a fine.
{mosads}In all, Treasury says that it has signed off on agreements with nine countries, and is in discussions for about 80 more. The United Kingdom, Switzerland, Denmark, Ireland and Mexico are among the countries that have signed agreements with the U.S.
Financial institutions in the U.S. have joined foreign counterparts in saying the FATCA was too broad, and went too far.
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